Gold accelerates its surge

Source: Dukascopy Bank SA


Gold was already heading higher in an ascending channel, as US fundamental news caused a drop of the US Dollar. The price for gold jumped and almost reached the 2,090.00 mark. There appears to be a resistance zone near that level. Meanwhile, support is found in the 2,080.00 level.

A breaking above 2,090.00 is bound to encounter resistance in the 2,100.00 level. In addition, note previous high levels. Zoom out or look at the daily candle chart to see potential resistance zones.

If the price passes below 2,080.00, round levels are expected to act as support. Meanwhile, note the ascending hourly moving averages near 2,050.00 and 2,060.00.
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